In California, owning assets in a revocable trust enables your family to avoid probate, a court process used to transfer assets to beneficiaries of a will or the decedent’s heirs. One of the main reasons to create a trust is to avoid probate. Unfortunately, more often than we would like, when we assist clients with trust administration after the death…
Big Three from Episode #076: If someone with special needs receives an unexpected inheritance that jeopardizes necessary benefits, there are solutions to help save them. If you are doing an estate plan, you should have what Kirsten calls a “just in case provision,” With special needs terms built in. You never know what could happen down the road. If you…
A client recently asked about leaving property to his only child and wanted to know if he could add his child on title to his home rather than using a trust. The client wanted to use joint tenancy to avoid probate and smooth transition between parent and child. While my client was correct about avoiding probate and the smoother transition,…
Big Three from Episode #70: If you’re a surviving spouse – talk to your attorney as soon as you can. Don’t forget about official notifications! Did you know that even those who are disinherited have to be notified? If you’re a trustee who has missed something, don’t worry. This is a tough job, and things can be fixed. Time-stamped Show…
This seems like a simple question, right? My retirement goes to the person I listed as my beneficiary (spouse, kids, etc.). Most of the time this is true, yet we also get a fair share of people having to file a probate for an IRA or having to request the court to allow someone to set up a special needs…
Big Three from Episode #059: Elder mediation can help families reach agreements about legal, financial, and care planning for their aging loved ones and their estate. Even if you think a conflicting party will not agree to mediation, it’s worth getting in touch with a mediator to find ways to engage the parties in communication. The ultimate goal is to…
When people write down their assets in conjunction with their estate planning, they often overlook their digital assets. Digital assets are considered to be any electronic record that you own or control. This can include Venmo, PayPal, Zelle, or other online accounts. It can also include cryptocurrency, such as Bitcoin, social media pages, online photos, email accounts, credit card rewards,…